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EURUSD: Future Direction Hinges on Current Range | Forex Strategy for Oct. 29, 2019

By on September 1, 2020 0 6 Views
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EURUSD range to offer an opportunity either way. We looked at 1.1070 and 1.1100/10 in Saturday’s Forex Forecast Video. Now here’s what Justin Bennett with Daily Price Action is watching to either buy or sell the euro against the US dollar.

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EURUSD: Future Direction Hinges on Current Range

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The EURUSD has a decision to make.

We looked at the 1.1070 support level and 1.1100/10 last week.

The latest rotation lower from the euro comes following the 300 pip rally from the 1.0900 support area.

I also talked about the breakout earlier this month, which ran for an impressive 190 pips from the 1.0990 support level.

We can see how the EURUSD closed last Thursday below the 1.1100/10 area.

It also carved a bearish engulfing range in the process.

That close meant a retest of the next key support at 1.1070 was likely.

Notice how significant 1.1070 has been for the pair since late July. I would argue it’s the most significant horizontal level here apart from 1.1200.

So far, the EURUSD is holding above that 1.1070 support level.

But here’s the key when faced with a tight range like this…

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